The defendant's appeal is dismissed.

Expenses for appeal shall be borne by the defendant.

The purport of the claim and the purport of the appeal.

1. The reasoning of the judgment of the court of first instance is as follows: (a) the reasons for the judgment of the court of first instance and the reasons for the judgment are as follows (the main sentence of Article 420 of the Civil Procedure Act). From 9 to 13 parallels. “On the other hand, the 44.33% of the Defendant’s shares are held by C; and (b) 49% of the Defendant’s shares are held by W Company; (c) however, W Company was not a shareholder at the time of establishment of the Defendant, who was an abuse of corporate personality; and (d) was invested in the development project of this case and became a shareholder of the Defendant around November 2016, when it was invested in the development project of this case.

In addition, Article 2 (3) of the Investment Agreement (No. 4. 45 billion won) prepared at the time of the said investment (hereinafter “W Co., Ltd.”) provides that “The decision-making related to this project shall be made at least once in writing by the Defendant and W Co., Ltd., but if the agreement becomes known, W Co., Ltd. shall be decided.” However, Article 3 (2) of the same Investment Agreement provides that “W Co., Ltd. may claim and receive dividends, etc. in connection with the project of the Defendant, but shall not participate in the business, although W Co., Ltd. may claim and receive dividends,”